Gujarat Urja Vikas Nigam Ltd (GUVNL) has launched a green financing fund in partnership with sovereign wealth funds, green funds, and multilateral agencies, as announced at the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST). The fund will provide direct financial resources to developers winning GUVNL’s renewable energy bids.

This initiative follows a roundtable on ‘Climate Finance Opportunities for Gujarat,’ chaired by Kanubhai Desai, Gujarat’s Minister of Finance, Energy, and Petrochemicals, who emphasized the state’s goal of installing 100 GW of renewable energy by 2030, which will require significant financial support.

A tripartite agreement between GUVNL, the fund, and project developers will ensure secure repayment of loans through an escrow account mechanism, giving investors added confidence. REC Ltd, a Maharatna company, will anchor the fund.

GUVNL plans to add 44 GW of renewable energy capacity and 11 GW/55 GWh of energy storage systems by 2030.

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